The wave of enthusiasm spreading across crypto has had a cascading effect on the internet culture of the meme market. Elon Musk’s undying support for the Trump administration has driven Dogecoin prices to multi-month highs. Even Shiba Inu is not far behind. Are we witnessing another meme season, or is this just another flash in the pan? Is there another notable contender as the best crypto to buy now? Let’s find out.
Dogecoin Price rebounds to its highest level in 7 months despite Trump’s victory
Dogecoin price recently reached a seven-month high. It reached $0.21 for the first time since March 2024, amid enthusiasm over Donald Trump’s victory in the 2024 US presidential election.
The 30% intraday gain that followed the announcement propelled DOGE into the top seven cryptocurrencies by market capitalization, surpassing the struggling Ripple. The rally was fueled by a combination of Trump’s pro-crypto stance and pre-election support from Elon Musk, who playfully referenced a proposed “Department of Government Effectiveness” initiative ( DOGE).
Veteran analysts like Josh Gilbert of eToro suggest that this sudden increase could well be the start of better days for altcoins like DOGE. The chain’s rise suggests it’s definitely possible: DOGE’s future open interest is rising and more than $30 million in short positions were liquidated during the day.
Can Shiba Inu reach the ATH after the US elections?
Another meme token that gained attention was DOGE’s right-hand man, Shiba Inu. The bullish market response saw Bitcoin reach a new ATH above $75,000 and Shiba Inu follow suit with a 9% MoM gain above $0.000019.
Although SHIB’s journey to a new ATH seems ambitious, the renewed sentiment and growth of the Shiba Inu ecosystem could be the springboard for a promising trajectory. The Shiba Inu burn rate jumped 3,674.17% over the past day, a critical factor for potential price gains.
Additionally, indicators suggest an uptrend as the MACD line crosses above the signal line, reflecting increased buying momentum. The SHIB ecosystem is bustling with activity, driven by its growing utility, ecosystem developments, and the introduction of a new game to engage its community.
New paradigm defined for the post-election campaign. Is this the best crypto to buy now?
The positive SHIB and Dogecoin price outlook makes it one of the best cryptos to buy right now; the crypto market is ready for a post-election moon. In fact, the total crypto market capitalization has broken through several resistances and is now heading towards a year-to-date high of $2.65 trillion. The renewed bullish sentiment has paved the way for growing demand for innovative solutions.
Lunex Network is another new solution that could benefit from this increase, especially as DeFi is expected to reach a valuation of $502 billion by 2028. It combines the convenience of centralized exchanges with the decentralization and sophistication offered by DEXs. Lunex Network offers a new standard for multi-chain asset trading, AMM and smart contract.
Deflationary tokenomics and passive income are other distinctive features of the Lunex token. Beyond that, token holders enjoy an APY staking yield and 18% cashback, which has fueled its presale success and bold claims from experts. The presale is attractively priced at just $0.0019, meaning there is room for exponential growth for early investors.
You can find more information about the Lunex Network (LNEX) here:
Website: https://lunexnetwork.com
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This is a sponsored post. The opinions expressed are solely those of the sponsor and readers should conduct due diligence before taking any action based on the information presented in this article.
